Intragenerational externalities and intergenerational transfers
AbstractIn an environment with asymmetric information the implementation of a first-best efficient Clarke-Groves-Vickrey (DâAspremont-GÃ©rard-Varet) mechanism may not be feasible if it has to be self-financing. By using intergenerational transfers, the arising budget deficit can generally be covered in every generation if the growth rate of the economy is positive. This result yields an alternative explanation for the existence of pay-as-you-go financed transfer mechanisms.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal Journal of Pension Economics and Finance.
Volume (Year): 11 (2012)
Issue (Month): 04 (October)
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Other versions of this item:
- Martin Kolmar & Volker Meier, 2005. "Intra-Generational Externalities and Inter-Generational Transfers," CESifo Working Paper Series 1437, CESifo Group Munich.
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